Performance of Terna stock

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2012 saw European stock markets influenced by the euro zone crisis and fears of the negative impact on the real economy of restrictive fiscal policies implemented by governments to manage financial commitments. This climate of uncertainty was improved by the ECB's statement in August on the possibility of using non-standard monetary policy measures in order to reduce the yield spread between bonds from peripheral countries and the German ones.

In the US, the signs that the recession was being contained and the agreement reached to avoid the "Fiscal Cliff", which could have had a negative impact on the country's growth, had a positive influence on the annual performance of the Dow Jones (+7.3%). In spite of high volatility, the main European markets ended the year in positive territory, with the exception of Madrid (-4.7%) which suffered the effects of the credit institution crisis. Against this background, the FTSE-Mib index at the Milan Stock Exchange recorded progress of 7.8%. On a sector level, the DJ Utilities index closed almost even (-0.7%), with regulated securities outperforming those linked to generation. In this context, Terna stock (+16.1%) outperformed its main peers and the sector, with a performance double that of the FTSE-Mib. Terna performance also excelled on a TSR (Total Shareholder Return) level, with an overall return per shareholder of 24.9% (over double that of the FTSE-Mib (+12.2%). The average quantity of stock traded amounted to a volume of around 7.5m. Finally, in the first two months of 2013, the stock increased by around 6%, which is better than the market (-2.2%) and the sector (-3.6%).

PERFORMANCE OF TERNA SHARES AND THE FTSE MIB AND DJ STOXX 600 UTILITIES INDEXES

PERFORMANCE OF TERNA SHARES AND THE FTSE MIB AND DJ STOXX 600 UTILITIES INDEXES

Source: Bloomberg. Data at 28 February 2013.